Commercial Vehicle Market 2024-2032; Growth Forecast & Industry Share Report

Commercial Vehicles Market size is predicted to reach USD 15.9 Tn by 2032. The market growth is fueled by the rising urbanization, increasing industrial activities, and technological advancements. The expanding global economy is pushing the demand for transportation of goods & services. With the rise of e-commerce and the need for efficient last-mile delivery solutions, particularly in urban areas, commercial vehicles sales have witnessed an uptick in the recent years. Additionally, the stringent emission regulations worldwide are pushing fleet operators to upgrade to cleaner and more fuel-efficient vehicles, contributing to market expansion.

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Moreover, advancements in driver-assistance technologies and the integration of automation are enhancing safety standards and optimizing operational efficiency of commercial vehicles, adding to their popularity. In September 2023, Amazon Web Services (AWS) disclosed that the BMW Group opted for AWS as its preferred cloud service provider for its automated driving platform. Using AWS, the BMW Group will plan its forthcoming advanced driver assistance system (ADAS) for its upcoming line of vehicles, dubbed the "Neue Klasse," scheduled for release in 2025.

The construction & mining end-use segment is predicted to grow significantly through 2032 owing to the ongoing infrastructure development projects. A resurgence in mining activities across various regions is influencing the demand for robust and specialized vehicles tailored to meet the unique requirements of these sectors. Manufacturers are responding by introducing durable and high-performance vehicles equipped with advanced features to enhance productivity and reliability in challenging work environments.

The electric vehicle (EV) segment is expected to generate massive revenues in the market by 2032 owing to the shift towards sustainable transportation solutions. Increasing environmental concerns and stringent emissions regulations are driving the adoption of electric commercial vehicles, particularly in urban areas. Innovations in battery technology and charging infrastructure are facilitating the transition towards electrification, offering cleaner and more efficient alternatives to traditional fuel-powered vehicles, stimulating the segment growth.

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Asia Pacific commercial vehicles market size will expand notably through 2032, driven by rapid urbanization, economic growth, and infrastructural development initiatives. Countries like China and India are witnessing a surge in demand for commercial vehicles, fueled by expanding e-commerce, burgeoning construction projects, and government investments in transportation infrastructure. The commercial vehicle manufacturers are capitalizing on these opportunities by expanding their presence in the region and forging strategic partnerships to cater to evolving consumer needs.

Some of the key players in the global commercial vehicle industry are AB Volvo, Toyota Motor Corporation, Scania AB, General Motors, Ford Motor Company, and BYD Motors, among others.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope

1.1    Market scope & definition

1.2    Base estimates & calculations

1.3    Forecast calculation

1.4    Data sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1   Paid sources

1.4.2.2   Public sources

Chapter 2   Executive Summary

2.1    Commercial vehicle market 360⁰ synopsis, 2018 - 2032

2.2    Business trends

2.3    Regional trends

2.4    Vehicle type trends

2.5    Drive type trends

2.6    End-use industry trends

Chapter 3   Commercial Vehicle Industry Insights

3.1    Impact of COVID-19

3.2    Industry ecosystem analysis

3.3    Vendor matrix

3.4    Profit margin analysis

3.5    Drive Type & innovation landscape

3.6    Patent analysis

3.7    Key news and initiatives

3.7.1    Partnership/Collaboration

3.7.2    Merger/Acquisition

3.7.3    Investment

3.7.4    Product launch & innovation

3.8    Regulatory landscape

3.9    Impact forces

3.9.1    Growth drivers

3.9.1.1   Rise in e-commerce and last-mile delivery demand

3.9.1.2   Increase of goods transportation

3.9.1.3   Technological advancements in vehicles

3.9.1.4   Supportive government policies and incentives

3.9.2    Industry pitfalls & challenges

3.9.2.1   Supply chain disruptions

3.9.2.2   Economic uncertainties and downturns

3.10    Growth potential analysis

3.11    Porter’s analysis

3.12    PESTEL analysis

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